FLORISTS' MUTUAL INSURANCE COMPANY AND ITS
AFFILIATED PROPERTY
AND CASUALTY INSURER: FLORISTS' INSURANCE COMPANY
Florists' Mutual Insurance Company is a commercial
property and casualty insurance carrier for the horticultural
industry, including greenhouse growers, florists,
nurseries, garden centers, wholesalers, importers,
landscapers, and similar operations. Florists' Mutual
Insurance Company has been in operation since 1887.
Florists' Insurance Company is a wholly owned subsidiary
of Florists' Mutual Insurance Company. In addition,
Florists' Insurance Service, Inc., an insurance agency,
is owned 100% by Florists' Mutual Insurance Company
and provides the client base access to a wide range
of insurance products that the group's own carriers
do not provide.
The consolidated financial position for Florists'
Mutual Insurance Company and Florists' Insurance Company
at December 31 was as follows:
| Balance
Sheet |
2008 |
| |
|
| Assets |
|
| Bonds |
$94,864,000 |
| Common and Preferred Stocks |
5,733,000 |
| Other Assets |
55,621,000 |
| Total
Assets |
$156,218,000 |
| |
|
| Liabilities
and Policyholders' Surplus |
|
| |
|
| Loss and Loss Adjusting Expense
Reserves |
$63,563,000 |
| Unearned Premium Reserve |
23,966,000 |
| Other Liabilities |
17,131,000 |
| |
Total Liabilities |
$104,660,000 |
| |
Total Capital and Surplus |
51,558,000 |
| |
Total Liabilities and Policyholders' Surplus |
$156,218,000 |
Bonds owned by the Company are of excellent quality
and comprise 64% of total assets, the vast majority
(97%) being rated at “A” or above. Unpaid
loss and loss adjusting expense reserves represent the Company’s
estimate of ultimate cost, net of reinsurance, for
settling all incurred but unpaid claims.
Surplus (retained earnings) at December 31, 2008
totaled $51,558,000. A.M. Best, the premier insurance
company rating organization, has rated the company
A- (Excellent), with a financial size category of
VII.
|
